Sensex down over 250 points to 76,251, Nifty 23,818
Markets kicked off Monday on a down note, with the Sensex dropping over 250 points to 76,251 and Nifty falling to 23,818.
This marks four weeks in a row of declines, mostly thanks to rising oil prices and ongoing global tensions.
While midcap stocks managed a tiny gain, small caps stayed negative.
IT stocks, IPOs weigh markets
IT giants like Infosys, HCLTech, and TCS all lost up to 2%, while Bajaj Finance and Bharti Airtel saw minor gains.
The mood wasn't helped by higher crude oil prices due to U.S.-Iran tensions. Plus, with 11 IPOs launching this week, cash is getting pulled out of existing stocks.
The mega IPOs from NSE and Jio also are expected this month. Strong US job data also means an interest-rate hike could be coming soon, adding more pressure on both Indian and global markets.